Estate Planning Lawyer Madisonville, TN

If you’re like millions of Americans, you probably haven’t written a will yet, thinking that it’s something you can take care of when you’re a senior citizen. Or maybe you’ve considered estate planning but believe that this is only something the wealthy do. If you’re in this camp, you could be woefully unprepared for the future.

Estate planning, drafting legal protections for yourself and your family, is something that everyone needs – not just the rich. Your estate plan can help ensure that your healthcare wishes are followed if you can’t speak up and that your Golden Years are comfortable, without money stresses. Do you need to learn more? You never know what the future can bring, but with the help of a Madisonville, TN, estate planning lawyer from Carpenter & Lewis PLLC legal team, you know you’re protected no matter what.

What Does A Madisonville Estate Planning Attorney Do?

An estate is the entirety of what you own, including real estate, investments and retirement accounts, and personal property. When someone dies, their estate is what their heirs and beneficiaries inherit. An estate may be subject to taxation and may have to pay certain creditors the deceased owed. Once debts and taxes are paid, the remainder of the assets are distributed to the heirs through the probate process. An estate plan deals with legal protections to preserve as much of the estate as possible for beneficiaries, reduce estate taxes, and set up protections for a spouse or minor child.

Estate planning doesn’t just center around what happens to your assets when you die. It also includes setting legal protections while you’re still alive. This is where the advice of an experienced Madisonville estate planning lawyer comes in. They can examine your current financial status, obligations, income, and assets to determine which kind of legal protections you need. They can draft those documents and file them properly. If needed, your estate planning lawyer can also represent your estate and interests should there be a dispute about any of your wishes.

Planning For Anything The Future Holds

Estate planning includes many important protections. You can establish a guardian for your minor children or an adult with special needs, selecting the person you want to raise your child instead of their closest kin. Your estate plan also protects you. Your estate planning attorney can draft a power of attorney for you, someone you trust to manage your finances if you’re incapacitated or make health care decisions should you be unable to advocate for yourself.

You could also create a trust, which can preserve certain assets and protect them from creditors or keep them in the family. A trust can also provide you with a steady stream of income when you’re retired, so you know you’re taken care of towards the end of life.

Speak With An Experienced Estate Planning Lawyer Today

Do you need help creating an estate plan or altering an existing one? Contact Carpenter & Lewis PLLC today to speak with an estate planning attorney.